…that reminded me of this video from the previous head of REALTOR.com:
“…Instead of just copying everyone else, maybe REALTOR.COM (and by extension, NAR) could make some decisions based upon market realities. And the reality is that Zillow (and other similar tools) are really inaccurate because the “conditions” on the ground are always so fluid that “estimates” based upon “market data” which is always stale because of “time” are really bad education for consumers. REALTORS should know better. Many consumers buy homes “regardless” of their estimated market comparable – and many sellers are able to sell for higher (or can’t sell nearly the same as a computerized estimate) because of all sorts of NON estimated items – like poorly performing schools, local tax changes, crime, etc – NONE of which can be accurately reflected by a computer. Only by REALTORS who keep up with “the full marketplace” of issues that impact homes.
If I interpret this right, Ferrara thinks that realtor.com should not offer such an AVM product, but should instead focus on helping real estate professionals educate consumers on the fact that AVMs aren’t worth the digital real estate they’re printed on…
My guess is that Ferrara has his pulse on the finger of most realtors and they’d love to hear this… but at the same time, Zillow has single-handedly changed the public’s expectations. Consumers now expect free home valuations when they go online and if they don’t get it from a realtor, they’ll go elsewhere…
I’ve got something special planned for this week’s 4realz Roundtable. In honor of Realtor.com’s release of the home valuation tool, we’re going to cover the value of online home values!
Join us on Thursday at 4pm (PST) to take part in the conversation!
Of course, the discussion is what makes the 4realz Roundtable work, and so far, I’ve confirmed three great guests for the conversation:
And, of course, YOU are always invited to join the conversation. For the past two week’s we’ve had an active chat conversation going on during the call, which has been just as interesting and entertaining as what gets recorded! 😉
(By the way, I reached out to the realtor.com team, but received no bites in terms of people who were willing to sit at the 4realz Roundtable…)
Here’s a general outline of things I hope to cover:
- Discussion on the background on online AVMs
- How have perceptions of online AVMs changed over the past two+ years… Both within the industry and among consumers
- What are some of the interesting legal issues surrounding AVMs in terms of privacy issue
- Is there a reason to think that AVMs will get better in the future?
If you have other topics you’d like us to cover, please let us know in the comments and/or join us on the call and ask the question yourself! I’m going to do my best this time to make sure we reach out to some more of the people who call in to make sure we hear from you during the call!
I’ve confirmed a few more guests for today’s show:
What a great conversation! Things definitely got a bit rough with David G on the hot seat for a bit, but overall, I had some great insights from the conversations and hopefully you will to! If you haven’t listened to the conversation on the value of online home values, then listen here: